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BLACK HILLS CORP（BKH）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是BLACK HILLS CORP的1.9倍（$1.2B vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 9.1%，领先7.7%），BLACK HILLS CORP同比增速更快（6.4% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-101.5M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs -6.8%）
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
BKH vs RBA — 直观对比
营收规模更大
RBA
是对方的1.9倍
$622.7M
营收增速更快
BKH
高出1.0%
5.4%
净利率更高
BKH
高出7.7%
9.1%
自由现金流更多
RBA
多$288.0M
$-101.5M
两年增速更快
RBA
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $1.2B |
| 净利润 | $104.9M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 27.5% | 14.7% |
| 净利率 | 16.8% | 9.1% |
| 营收同比 | 6.4% | 5.4% |
| 净利润同比 | 7.0% | -7.4% |
| 每股收益（稀释后） | $1.39 | $0.53 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BKHRBA
| Q4 25 | $622.7M | $1.2B | ||
| Q3 25 | $427.4M | $1.1B | ||
| Q2 25 | $435.7M | $1.2B | ||
| Q1 25 | $800.4M | $1.1B | ||
| Q4 24 | $585.1M | $1.1B | ||
| Q3 24 | $398.6M | $981.8M | ||
| Q2 24 | $397.1M | $1.1B | ||
| Q1 24 | $717.2M | $1.1B |
净利润BKHRBA
| Q4 25 | $104.9M | $109.7M | ||
| Q3 25 | $24.9M | $95.5M | ||
| Q2 25 | $27.5M | $109.8M | ||
| Q1 25 | $134.3M | $113.4M | ||
| Q4 24 | $98.0M | $118.5M | ||
| Q3 24 | $24.4M | $76.1M | ||
| Q2 24 | $22.8M | $111.1M | ||
| Q1 24 | $127.9M | $107.4M |
营业利润率BKHRBA
| Q4 25 | 27.5% | 14.7% | ||
| Q3 25 | 18.4% | 14.5% | ||
| Q2 25 | 18.9% | 15.9% | ||
| Q1 25 | 25.6% | 17.1% | ||
| Q4 24 | 27.9% | 18.1% | ||
| Q3 24 | 19.0% | 15.6% | ||
| Q2 24 | 17.8% | 18.4% | ||
| Q1 24 | 27.0% | 18.7% |
净利率BKHRBA
| Q4 25 | 16.8% | 9.1% | ||
| Q3 25 | 5.8% | 8.7% | ||
| Q2 25 | 6.3% | 9.3% | ||
| Q1 25 | 16.8% | 10.2% | ||
| Q4 24 | 16.7% | 10.4% | ||
| Q3 24 | 6.1% | 7.8% | ||
| Q2 24 | 5.7% | 10.1% | ||
| Q1 24 | 17.8% | 10.1% |
每股收益（稀释后）BKHRBA
| Q4 25 | $1.39 | $0.53 | ||
| Q3 25 | $0.34 | $0.43 | ||
| Q2 25 | $0.38 | $0.53 | ||
| Q1 25 | $1.87 | $0.55 | ||
| Q4 24 | $1.36 | $0.58 | ||
| Q3 24 | $0.35 | $0.36 | ||
| Q2 24 | $0.33 | $0.54 | ||
| Q1 24 | $1.87 | $0.53 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $182.8M | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.8B | $5.6B |
| 总资产 | $10.9B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BKHRBA
| Q4 25 | $182.8M | $531.5M | ||
| Q3 25 | $21.1M | $674.7M | ||
| Q2 25 | $8.1M | $710.2M | ||
| Q1 25 | $6.6M | $578.1M | ||
| Q4 24 | $16.1M | $533.9M | ||
| Q3 24 | $12.5M | $650.7M | ||
| Q2 24 | $624.8M | $599.5M | ||
| Q1 24 | $123.0M | $462.8M |
总债务BKHRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益BKHRBA
| Q4 25 | $3.8B | $5.6B | ||
| Q3 25 | $3.8B | $5.5B | ||
| Q2 25 | $3.6B | $5.5B | ||
| Q1 25 | $3.6B | $5.3B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $3.4B | $5.2B | ||
| Q2 24 | $3.4B | $5.2B | ||
| Q1 24 | $3.3B | $5.1B |
总资产BKHRBA
| Q4 25 | $10.9B | $12.1B | ||
| Q3 25 | $10.3B | $12.2B | ||
| Q2 25 | $10.1B | $12.2B | ||
| Q1 25 | $10.1B | $11.9B | ||
| Q4 24 | $10.0B | $11.8B | ||
| Q3 24 | $9.7B | $11.9B | ||
| Q2 24 | $10.2B | $12.1B | ||
| Q1 24 | $9.7B | $12.0B |
负债/权益比BKHRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $168.1M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $186.5M |
| 自由现金流率自由现金流/营收 | -16.3% | 15.5% |
| 资本支出强度资本支出/营收 | 43.3% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.60× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $719.2M |
8季度趋势，按日历期对齐
经营现金流BKHRBA
| Q4 25 | $168.1M | $255.2M | ||
| Q3 25 | $88.9M | $239.7M | ||
| Q2 25 | $188.6M | $326.5M | ||
| Q1 25 | $227.8M | $156.8M | ||
| Q4 24 | $153.2M | $184.5M | ||
| Q3 24 | $102.1M | $285.4M | ||
| Q2 24 | $230.6M | $337.3M | ||
| Q1 24 | $233.4M | $124.8M |
自由现金流BKHRBA
| Q4 25 | $-101.5M | $186.5M | ||
| Q3 25 | $-89.5M | $188.5M | ||
| Q2 25 | $-30.3M | $241.7M | ||
| Q1 25 | $74.9M | $102.5M | ||
| Q4 24 | $-60.5M | $127.9M | ||
| Q3 24 | $-86.0M | $248.5M | ||
| Q2 24 | $64.4M | $308.6M | ||
| Q1 24 | $57.2M | $79.6M |
自由现金流率BKHRBA
| Q4 25 | -16.3% | 15.5% | ||
| Q3 25 | -20.9% | 17.3% | ||
| Q2 25 | -7.0% | 20.4% | ||
| Q1 25 | 9.4% | 9.2% | ||
| Q4 24 | -10.3% | 11.2% | ||
| Q3 24 | -21.6% | 25.3% | ||
| Q2 24 | 16.2% | 28.2% | ||
| Q1 24 | 8.0% | 7.5% |
资本支出强度BKHRBA
| Q4 25 | 43.3% | 5.7% | ||
| Q3 25 | 41.7% | 4.7% | ||
| Q2 25 | 50.2% | 7.2% | ||
| Q1 25 | 19.1% | 4.9% | ||
| Q4 24 | 36.5% | 5.0% | ||
| Q3 24 | 47.2% | 3.8% | ||
| Q2 24 | 41.9% | 2.6% | ||
| Q1 24 | 24.6% | 4.2% |
现金转化率BKHRBA
| Q4 25 | 1.60× | 2.33× | ||
| Q3 25 | 3.57× | 2.51× | ||
| Q2 25 | 6.86× | 2.97× | ||
| Q1 25 | 1.70× | 1.38× | ||
| Q4 24 | 1.56× | 1.56× | ||
| Q3 24 | 4.18× | 3.75× | ||
| Q2 24 | 10.11× | 3.04× | ||
| Q1 24 | 1.82× | 1.16× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
